Good morning. Happy Wednesday.
The Asian/Pacific markets closed mixed with a bearish bias. Australia, Japan, Seoul and Taiwan rallied more than 1% while India dropped 7.3%, Hong Kong 3.4% and Singapore 1.7%. China fell 0.7%.
Europe is currently most down. Austria and Stockholm are up more than 1% while Spain, Amsterdam and London are down more than 1%.
Futures here in the States indicate a gap down open for the cash market. 35 minutes before the open, Nas 100 futures are down 13.5 (1.06%) to trade at 1257.50 while SPX futures are down 10 (1.1%) to trade at 920.50.
Russia has shut off all its gas supplies to Europe through Ukraine — the latest move in a pricing dispute that has reduced or halted fuel deliveries to a dozen countries during a winter cold snap.
The chairman of India’s Satyam Computer Services (SAY) quit Wednesday after admitting the company’s profits had been doctored for several years, shaking faith in the country’s corporate giants as shares of the software services provider plunged nearly 80 percent.
British retail industry stalwart Marks & Spencer Group PLC said Wednesday it will cut 1,230 jobs and close 27 of its stores in a drive to reduce costs as the retail sector continues to struggle.
British bank Barclays (BCS) said Wednesday it was cutting more than 400 technology jobs after a review of its operations.
German jobless rate up to 7.4 percent
Alcoa (AA) is reducing its workforce by 13,500, or 13%, and lowering total output by more than 18%.
Bank of American (BAC) sold its stake in China Construction Bank, China’s second-biggest commercial bank, for $2.8 billion to raise money to cope with the US economic turmoil.
Constellation Brands (STZ), which markets Mondavi wine, Corona beer and Svedka vodka, says its fiscal third-quarter profit fell 30 percent due to restructuring costs and weaker sales, and trimmed the top end of its 2009 forecast due to the slowing global economy
China assigned third-generation mobile phone licenses Wednesday to China Mobile (CHL), China Unicom (CHU) and China Telecom (CHA) in a long-awaited step that is expected to prompt $41 billion in spending on new equipment.
Monsanto (MON) says its fiscal first-quarter profit more than doubled on higher sales to Latin America, and the world’s biggest seed maker raised its expectations for the year.
South Korean automaker Hyundai Motor Co. said Wednesday it is cutting work hours at its Czech Republic plant because of falling European car demand.
Cabot Microelectronics (CCMP) which makes materials for chip manufacturing, said Wednesday it expects fiscal first-quarter revenue to fall about 33 percent below the year-ago results because of weak demand due to the global economic turmoil.
Supervalu (SVU) says it recorded a big loss in its fiscal third quarter because of hefty one-time charges, but excluding special items, the grocer beat Wall Street estimates.
Jarden (JAH) on Wednesday estimated that its fourth-quarter revenue will beat its prior guidance by a narrow margin. The consumer products company which makes Sunbeam appliances and Coleman outdoor gear also said it expects its year-end cash position will be enough to meet debt obligations in 2009.
Family Dollar Stores (FDO) forecast fiscal second-quarter profit above Wall Street’s expectations on Wednesday, after reporting a 14 percent increase in first-quarter earnings on the strong sale of food and other necessities.
Resources Connection Inc.,which provides staffing services for accounting and finance firms, said late Tuesday its fiscal second-quarter profit fell 27 percent as revenue declined amid the weakening economy.
Home furnishings company Ethan Allen Interiors (ETH) said it will close a Pennsylvania upholstery manufacturing plant and several retail service centers, eliminating 350 jobs.
Finish Line (FINL) said its third-quarter loss narrowed, helped by inventory and cost control efforts as well as its decision to pull out of its proposed Genesco (GCO) acquisition.
Global Payments (GPN) reported its fiscal second-quarter net income was 60 cents a share, up from 48 cents a share in the year earlier quarter. Revenue increased to $401.1 million from $308.8 million.
KBR (KBR), the Houston provider of engineering and construction services for energy, petrochemicals, government and infrastructure applications, said late on Tuesday that its current estimates of fiscal 2009 earnings are in line with the current range of analyst estimates.
Gold is flat and Silver is up 0.61%.
Crude oil is up 30 cents to trade at 48.88.
—————————————————————————————-
| UPGRADES | SYNA, SPR, UNH, AAWW, OCNF |
| DOWNGRADES | FFIV, SNN, RNT, LNDC, TSCO, SQM, WOOF, AMSF, PNRA, LOW, PTR, LCUT, BTH, LH, HELE |
—————————————————————————————-
| EARNINGS | |
| before the open | STZ, FDO, MON, SGR, SVU, UNF |
| during trading | none |
| after the close | BBBY, CBK, BLUD, MERX, RT, SONC, WDFC |
—————————————————————————————-
ECONOMIC RELEASES
10:35 Initial Claims
—————————————————————————————-